Until now, businesses with multiple related companies had to manually create the same transaction in multiple QuickBooks company files to record intercompany financial activities correctly. This meant significant duplication of work, often resulting in errors arising from mistaken information entry.
For 2023, Enterprise Platinum, Diamond and Accountant subscribers within the US can create relationships between multiple QuickBooks Company files, make intercompany transactions (bills/checks) with the Related Companies, and keep track of all intercompany transactions.
This feature will be especially beneficial for holding companies with multiple subsidiaries, where perhaps they handle most of the significant accounts payable transactions, and then typically internally bill each of the subsidiaries a representative portion of those costs.
Demonstrating the Intercompany Transaction feature during a webinar or live presentation at a conference meant the instructor had to set up two companies on one computer. Next, the instructor had to make one of those companies the "primary company" and one the "subsidiary company."
The instructor then had to switch back and forth between the two companies to log in to the same Intuit Account for both.
Finally, the instructor had to create the Intercompany Relationship within the primary company by inviting the subsidiary company to become part of the Intercompany Relationship. This was followed by logging out of the primary company, logging into the subsidiary company, and accepting the invitation from the primary company.
In other words, demonstrating Intercompany Transactions was a lot of back and forths, and switching from one company to the other company to show you the process.
But not with our March 22, 2023, one-hour webinar scheduled for 2:00 p.m. (EST).
In this webinar, two QuickBooks Enterprise Desktop experts, Esther Friedberg Karp and myself will demonstrate how Intercompany Transactions is supposed to work "in real life."
In fact, we will demonstrate it using two QuickBooks Enterprise Company files 1200 miles apart. Esther in Canada and me in Oklahoma.
We will go through the process of establishing the Intercompany Relationship just like two related companies would if they were working together day in and day out.
Esther and I are going to show you how this new Enterprise Intercompany Transaction feature is intended to work, just as if we were using it with a multi-company business we had together in different parts of the world... like the US and Canada. But you could use it the same way if you had two different company files in the exact same office so long as they needed to share payables. — Murph
We will then process Intercompany transactions against each other’s companies, just as you would expect two related companies to do if they were billing each other for equitable shares of costs paid on the other company’s behalf.
In addition, we also will review related reports and examine how QuickBooks Enterprise tracks these costs across one parent and subsidiary relationship, and a parent company with multiple subsidiary relationships.
If you have been questioning whether this new QuickBooks Enterprise feature is designed to meet the needs of companies with interrelated businesses sharing common payables, this is the webinar you have been waiting for.
Join Esther Friedberg Karp and me as we simulate working in a multi-company environment with the QuickBooks Enterprise Intercompany Transaction feature. And earn yourself CPE credit at the same time.
Reserve your space early and $ave HERE.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.